Dock-High
New
For Sale
$2,520,000
601 15th St N, Fargo, ND 58102
Includes office space, dock-high storage, and an on-grade shop area.
Property Size24,000 SF
Days on Market2
Property Features for 601 15th St N
General Information
Standard status
Active
Size
24,000 SF
Property subtype
Warehouse
Building Details
Building Size
24,000 SF
Year Built
1963
Listing Agency:
Horizon Real Estate Group
(701) 478-7600
Listed By:
David Schlossman · License #8360
(701) 478-7600
Source:
Thebrokerlist
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 8:23AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Horizon Real Estate Group
Investment Insights
Based on property information with market context.
The warehouse and office building at 601 15th St N was constructed in 1963 and combines administrative, storage, and loading areas. The front unit contains 5,600 SF of office space, 10,000 SF of dock-high warehouse space, and a 1,400 SF on-grade shop area with drive-in doors and 17' ceilings. An additional 10,600 SF of warehouse space is owner-occupied and identified for potential future expansion.
The property is situated on 7th Ave N near downtown Fargo, providing a location that combines warehouse functionality with proximity to the downtown area. The building is described as well maintained and includes both dock-high and drive-in loading capabilities.
The property is situated on 7th Ave N near downtown Fargo, providing a location that combines warehouse functionality with proximity to the downtown area. The building is described as well maintained and includes both dock-high and drive-in loading capabilities.
Key Highlights
- 5,600 SF of office space in the front unit
- 10,000 SF of dock‑high warehouse space
- 1,400 SF on‑grade shop area with drive‑in doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$211,507
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,230,140
$4.2M
Cap Rate 7%
$3,021,529
$3.0M
Cap Rate 9%
$2,350,078
$2.4M
Market Conditions
NOI Build-Up for 24,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$259.2K $10.80/SF
− Vacancy
−$10.4K −$0.43/SF
EGI
$248.8K $10.37/SF
− OpEx
−$37.3K −$1.56/SF
NOI
$211.5K $8.81/SF
Area
Fargo, ND
Vacancy
4.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,230,140
Cap Rate 7%
$3,021,529
Cap Rate 9%
$2,350,078
Alternative Uses
Best Use
Office B
$4.02M
$3.52M – $4.69M
NOI $281,232 @ 7.0% cap · market cap 11.16%
Second Best
Warehouse
$3.02M
$2.64M – $3.53M
NOI $211,507 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$5.21M
$4.56M – $6.07M
NOI $364,435 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 58102, ND
30,767
Population
16,757
Households
1.8
Avg Household Size
32
Median Age
45%
College-Educated
95%
High-School Grad
31.6 sq mi
ZIP Area
974
Density / Sq Mi
$56,028
Median Household Income
$31,939
Median Earnings
$829
Median Rent
$235,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Citi-Cargo & Storage Inc — 1910 1st Ave N, Fargo, ND 58102
- Sandbags Warehouse — 1418 1st Ave N, Fargo, ND 58102
- Union Storage & Transfer Co. — 1026 Northern Pacific Ave #106, Fargo, ND 58102
- Self-Storage at U-Haul — 1436 Main Ave, Fargo, ND 58103
- Booth Delivery Service & Storage — 1502 1st Ave N # 1, Fargo, ND 58102
Frequently Asked Questions
What type of property is this?
Warehouse - Includes office space, dock-high storage, and an on-grade shop area.
Where is this warehouse located?
The property is located at 601 15th St N Fargo, ND.
What is the asking price?
The asking price for this property is $2,520,000.
What are key features of this property?
This property features: 5,600 SF of office space in the front unit; 10,000 SF of dock‑high warehouse space; 1,400 SF on‑grade shop area with drive‑in doors
